Bought my first property! Need help on what's next!

[Linda Hart]

Ok, folks I just decided to DO IT and quit talking about it.  I bought the house for 30K and plan to rent it for around 600$ a month but it is need of some serious repairs.  What repair do you start with first?   The roof had a tree fall onto it, and subsequently the house has water damage and mold.   There is alot of information on this site, but thought I would ask a simple step by step on what repairs go before the others.  My plan was to start with the roof and the mold because I think that is the main problem, also wouldn't want to repair floors and sheetrock if the roof isn't fixed, right?  Just looking for a quick run down of the process and steps to fix it.  This property was bought "ASIS"  and I paid cash, so there is no inspections, etc.  Should I get an inspection, etc?  Any help is greatly appreciated. 

[Marcia Maynard]

If you are not well versed in construction, repair and maintenance, I would do these steps:

1.  Hire a qualified home inspector to give you a comprehensive report on the current condition of the building.

2.  From that report, address the health and safety issues first. The structural issues that could lead to more damage second. The other structural issues third. The cosmetic issues fourth.

Some examples... a leaking gas furnace would be an immediate safety issue.  A leaking roof and poor drainage, lack of heat and poor ventilation can lead to more damage and mold. A cracking foundation could lead to a lot more structural damage... so it is imperative you know the condition of the foundation.

Also, be aware that a vacant building may attract vandals, thieves and squatters. So secure the building. Cut back overgrown foliage.  Add extra exterior lighting. Cover the windows with curtains or blinds. Use an interior light and radio on a timer to give the impression the house is occupied. Give the property a curb appeal uplift... that will help establish a good rapport with the neighbors and show that someone cares about the property. 

Introduce yourself to the neighbors and give them your business card... let them know you will be working on the property with your construction team and ask them to contact you if they have any concerns or if they notice anything unusual happening at the property, even after the property is occupied with new tenants. Show them you intend to be a good neighbor and will take care of the property and will choose your tenants carefully.